Free Trade Flashcards
1
Q
Imports
A
Goods or resources that are bought and brought into a country
2
Q
Exports
A
Goods or resources that are sold and sent out to other countries
3
Q
Tariff
A
a fee or tax on goods that is imported in to a country
4
Q
Quota
A
limit on an amount of a good that can be imported in a country
5
Q
Embargo
A
refusal to trade with
6
Q
Free Trade
A
an economic practice where countries can import and export goods with out fear of the government stopping it
7
Q
Traditional Economy
A
Based on culture and rituals
8
Q
Market Economy
A
Consumer choices determine how industries and financial markets operate
9
Q
Command Economy
A
Relies on government to make all economic decisions
10
Q
Mixed Economy
A
Limited government involvement while also applying free market concepts
